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Tesla's price today after hours $648.50!


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"(Bloomberg) -- Tesla Inc. delivered a second straight quarter of blowout earnings and speedy execution, extending an unprecedented surge for its heavily shorted stock.

The record revenue Tesla reported Wednesday beat estimates and carried the company to its fourth profit in the last six quarters. Chief Executive Officer Elon Musk again accelerated the introduction of the new Model Y crossover, saying deliveries will start by March, months earlier than initially planned.

Tesla soared as much as 14% to almost $660 after the close of regular trading. The shares, which reclaimed the title of most bet-against American stock earlier this month, had already more than doubled since Musk reported a surprise profit in October and divulged that the opening of a new plant in China was imminent.

“The short story is eroding,” said Gene Munster, managing partner of the venture capital firm Loup Ventures. He credited Musk for becoming a “quiet assassin” and sees Tesla having a clearer path to profitability.

Musk has turned a corner from years of over-promising and under-delivering, vaulting Tesla past Volkswagen AG to become the second-most valuable automaker in the world, behind only Toyota Motor Corp. Investors have rewarded him for building a commanding lead over manufacturers that have been slow to embrace an electric future and abandon the more than century-old internal-combustion engine.

The 48-year-old billionaire has thus far disproved predictions that Tesla will struggle to compete with the impending arrival of electric vehicles from established automakers. The Model 3 was the only EV consumers bought in significant volumes last year in the U.S., and in Europe it was the third-best seller among all models in December.

The Model Y, which Musk predicts will outsell all other Teslas combined, was initially scheduled to launch this fall. The company has moved up that date in each of its last two quarterly reports.

“The Model Y timing is going to send the bulls falling off their chairs,” said Dan Ives, an analyst at Wedbush Securities who rates Tesla the equivalent of a hold. “This is a game-changing inflection quarter because of the guidance on delivery and profit.”

Source: https://finance.yahoo.com/news/tesla-profit-model-y-arrival-213150897.html

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